LiveNSE delayed · 128/128 · 20 Aug 2026, 10:00 am
Scores stay the 15 Aug 2026 desk snapshot. Not advice.
AZAD · Capital Goods · Small Cap · Live 20 Aug 2026, 10:00 am · Discovery

Azad Engineering Ltd

Precision-forged and machined parts for gas turbines, aerospace and defence. Qualification-heavy, recently listed, already expensive.

10X Low
Moderate Risk
Attractive Entry
Emerging Multibagger
Institutional Accumulation
Multibagger score
71.9/100
Market cap
₹19,696 Cr
Last price · live
₹2,810.8
−17.60 (−0.62%)
52W
₹1,360–₹2,987

Implied P/E 136.9x · AZAD.NS · delayed NSE

10X potential (scenario)
LOW
Base multiple
2.3x
Bull multiple
5.0x
Classification
Potential Mid Cap

Base case compounds into a durable mid-cap, not yet large-cap scale.

Final investment scorecard

Multibagger71.9 / 100
10X potentiallow
Business quality4.9 / 10
Growth runway8.4 / 10
Competitive advantage7.8 / 10
Management8.3 / 10
Balance sheet5.7 / 10
Valuation2.4 / 10
Technical setup8.2 / 10
Riskmoderate

Why it could become a multibagger

  • Each qualified part number is a mini-annuity inside a growing engine fleet.
  • Global supply-chain China+1 in aero is real, not a slogan.
  • Margins show the pricing power of qualification.

What needs to go right

  • New part numbers keep qualifying
  • Capex stays matched to programs
  • Customer concentration falls

What could destroy the thesis

  • A major engine program delay
  • A quality escape
  • Multiple compression if growth slips to 20%

What would make me sell

  • Loss or delay of a top program
  • Gross margin <45% for two halves
  • A large unrelated acquisition

Key metrics to monitor

Part-number count
Top-3 customers
ROCE
NWC
FCF
Order book

Illustrative FY25 / TTM desk snapshot compiled for this terminal. Not a live NSE/BSE feed. Cross-check annual reports, exchange filings and investor presentations before use.